The IRS has released a draft of the Form 1099-R to be used in 2024. This is an early release draft of the form, as well as its instructions, which the IRS is providing only to inform taxpayers, including benefits recipients. 
The form is used to provide information to recipients about distributions from retirement plans—IRAs, qualified plans, 403(b) plans, and governmental 457(b) plans—as well as insurance contracts. This information, in turn, is used in reporting to the IRS.
What’s New
The 2024 forms that will be processed in 2025 reflect changes made to the form such as a reduction in the number of pages; Copy D and “Instructions for Payer” were removed.
Further changes, the IRS says, are unlikely because they incorporate all significant changes to forms posted. However, if unexpected issues arise, or legislation is enacted, the IRS will post a new draft of the form to alert users that changes were made to the draft it had issued earlier.
Instructions for Recipients
Qualified plans and section 403(b) plans. If the recipient of the form has an annuity starting date after 1997, the recipient must use the simplified method to figure a taxable amount if the payer did not show it in box 2a.
IRAs. For distributions from a traditional IRA, simplified employee pension (SEP), or savings incentive match plan for employees (SIMPLE plan), generally the payer is not required to compute the taxable amount.
Roth IRAs. For distributions from a Roth IRA, generally the payer isn’t required to compute the taxable amount, and a recipient must do so on Form 8606.
Loans treated as distributions. If one borrows money from a qualified plan, 403(b), or governmental 457(b), the loan may have to be treated as a distribution and be included in income.
Not to Be Filed
These are only draft forms and instructions. They are not to be filed.
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